- Ripple price started a strong decline from the $1.12 resistance against the US dollar.
- The price is now trading below $1.05 and the 55 simple moving average (4-hours).
- There was a break below a key contracting triangle with support near $1.06 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend its decline below $0.9500 as long as it is below $1.12.
Ripple price is showing bearish signs below $1.05 against the US Dollar, similar to bitcoin. XRP price could decline heavily if there is a break below $0.9500.
Ripple Price Analysis
After a short-term upside correction, ripple price faced resistance near the $1.125 zone against the US Dollar. The XRP/USD pair topped near $1.128 and started a major decline.
There was a break below the $1.10 and $1.05 support levels. There was a break below a key contracting triangle with support near $1.06 on the 4-hours chart of the XRP/USD pair. Besides, the pair traded below the last swing low at $1.01.
It is now trading below $1.05 and the 55 simple moving average (4-hours). XRP even broke the key $1.00 support to move into a bearish zone.
The price is now testing the 1.236 Fib extension level of the upward move from the $1.016 swing low to $1.128 high. On the downside, an initial support is near the $0.9600 level. The first major support is near the $0.9500 level.
It is close to the 1.618 Fib extension level of the upward move from the $1.016 swing low to $1.128 high. Any more losses could lead the price towards the $0.9000 level. On the upside, the price seems to facing resistance near the $1.02 level.
The first major resistance is near the $1.05 level. The main resistance is now forming near $1.07 and the 55 simple moving average (4-hours). A close above the $1.07 could set the pace for more gains. The next major resistance is near the $1.12 level. Any more gains could lead the price towards the $1.20 level.
Looking at the chart, ripple price is now trading well below $1.05 and the 55 simple moving average (4-hours). Overall, the price could extend its decline below $0.9500 as long as it is below $1.12.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 40 level.
Key Support Levels – $0.9600, $0.9500 and $0.9000.
Key Resistance Levels – $1.07 and $1.12.
